Rice and sugar prices hit new highs

Global food prices are continuously rising due to shipping disruptions caused by wars and droughts, especially with reduced supplies of staples like rice, sugar, and wheat. In Indonesia, rice prices have reached unprecedented levels, while in India, sugar prices have hit all-time highs. The cost of living has increased significantly in low- and middle-income countries, heightening the risk of social unrest. Worldwide markets are affected by challenges related to production and transportation, with forecasts indicating that food inflation could persist until 2027. This outlook is driven by declining global stocks and rising shipping and oil costs, which may push prices even higher.

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